Bridgepoint Education, Inc. (NYSE:BPI) Q3 2018 Earnings Conference Call Transcript

Nov 08, 2018 • 05:00 pm ET

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Bridgepoint Education, Inc. (NYSE:BPI) Q3 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to Bridgepoint Education's Third Quarter 2018 Earnings Conference Call. Today's call is being recorded.

At this time, I would like to turn the call over to Ms. Dori Abel, Vice President of Corporate Communications and Investor Relations for Bridgepoint Education. Please go ahead.

Executive
Dori Abel

Thank you, and good afternoon. Bridgepoint Education's third quarter 2018 earnings release was issued earlier today and is posted on the company's website at www.bridgepointeducation.com. Joining me today are Andrew Clark, Chief Executive Officer and Kevin Royal, Chief Financial Officer.

Before we begin, we would like to remind you that some of the statements we make today may be considered forward-looking, including statements regarding the performance of our marketing strategy, new enrollments, operating margin improvements, educational partnerships and other programs and services, new program enrollment growth, our ability to affect the plan separation and conversion and its timing and impact, tax rates, cash, expenses, other financial and related guidance, our ability to manage regulatory metrics and commentary regarding the remainder of 2018 and beyond.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Please note that these forward-looking statements speak only as of the current date and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by applicable securities laws.

On the call today, we will also discuss certain non-GAAP financial measures. In our earnings release, you will find additional disclosures regarding non-GAAP financial measures, including reconciliations of these measures with U.S. GAAP. Note that these non-GAAP financial measures are intended to supplement GAAP financial information and should not be considered as a substitute for our GAAP results. Please refer to our SEC filings, including our quarterly report on Form 10-Q for the quarter ended September 30, 2018, which was filed with the SEC earlier today as well as our earnings press release posted today, for a more detailed description of the risk factors that may affect our results. Copies may be obtained from the SEC or by visiting the Investor Relations section of our website.

At this time, it is my pleasure to introduce Bridgepoint Education's CEO, Andrew Clark.

Executive
Andrew Clark

Thank you, Dori, and welcome to Bridgepoint Education's Third Quarter 2018 Earnings Call. After I discuss the quarter, Kevin will review our financial results and key operating metrics. After Kevin concludes, I will offer my closing comments.

For the third quarter of 2018, we reported revenue of $114.9 million and diluted income per share of $0.16. Excluding restructuring and impairment charges of $1.2 million, separation transaction costs of $2.6 million, and the impact of tax benefit of $0.2 million, Non-GAAP income per share was $0.29.

Before I comment on new enrollment for the quarter, I want to provide some color on how our marketing strategy is performing. This quarter we continued to improve the media mix and add